Noncontrolling Interests

6 Months Ended

Jun. 30, 2023

Noncontrolling InterestsAs of June 30, 2023, we have six entities with noncontrolling interests that we consolidate, consisting of our operating partnership, (Realty Income, L.P.), a joint venture formed in 2023 in connection with the acquisition of properties, a joint venture acquired in December 2019, and three development joint ventures (one acquired in December 2020, one acquired in May 2021, and one acquired in April 2023).

The following table represents the change in the carrying value of all noncontrolling interests through June 30, 2023 (in thousands):


	Realty Income, L.P. units (1)		Other Noncontrolling Interests		Total







Carrying value at December 31, 2022	$	115,801	$	14,339	$	130,140
Contributions (2)	—		39,559		39,559
Distributions (3)	(2,826)		(1,785)		(4,611)
Allocation of net income	1,925		919		2,844

Carrying value at June 30, 2023	$	114,900	$	53,032	$	167,932

(1) 1,795,167 units were outstanding as of both June 30, 2023 and December 31, 2022.

(2) Includes contributions of $39.2 million for the issuance of a 5.0% joint venture interest as partial consideration paid on property acquisitions and contributions of $0.4 million related to a 5.0% interest in a development joint venture.

(3) Includes a non-cash reduction of noncontrolling interest of $1.5 million from our partner's responsibility to absorb construction cost overages for a development joint venture during the six months ended June 30, 2023.